The report noted that the Nordea-1 Stable Return fund had soft closed earlier in the month as continued inflows saw its assets rise above €18bn.

US dollar high yield debt was the fixed income category with the highest outflows, but this only totalled €348m.

Senior manager research analyst for Morningstar Matias Möttölä says 71 out of 93 European fixed income categories saw inflows in September.

“Recent flows into fixed-income have been motivated by a global flight to safety after the UK’s Brexit vote and also by rising expectations of continued low rates and further extraordinary measures by central banks to accommodate growth in the global economy.

“At the same time, investors continued to withdraw from active equity funds, despite generally positive returns for stocks during the month.”